Have you heard of Hiscox? I bet you haven’t. If you own a small business opportunity, franchise or home-based business, you should.
by Kevin James Culp
Ownership brings unforeseen issues. They can hit you hard if you aren’t ready for just about anything. And who is these days?
Hurricane Irma and other recent storms taught me to be mobile-savvy and app-friendly. I became an on-the-go tech geek, so to speak. Anyone can throw belongings in a trusty dusty and “bug out.” Not everyone knows how to do it the right way when the time comes. It’s all too easy to get it wrong. When and if you do you need insurance my friends, and you need it sooner rather than later, which is why I’m glad you’re reading this post.
Preparation matters most when you are the head of the household. Your family relies on you to make money and pay the bills. A flood, a fire or a wind event could wipe out a new venture just as it takes off. Get ready, and do it as affordably as you can.
I know that you’ve heard of The Hartford, Allstate, State Farm, Geico, MetLife and so on. But there’s another company that I see featured in a number of portals. Also, consider Hiscox. It specializes in insurance for small companies like yours and offers a wide range of coverage types for many industries. Hiscox stands out for businesses run out of the home. It tailors policies by reducing coverage in your BOP to match the reduced risk. Also, they’re America’s #1 Small Business Insurance provider!
Common Types of Small Business Insurance
Before comparing providers, it helps to know the main kinds of coverage. In addition, the U.S. For example, small Business Administration describes these:
- General liability: protects against financial loss from bodily injury, property damage, medical expenses, libel, and slander.
- Product liability: protects manufacturers and retailers from losses caused by defective products that cause harm.
- Professional liability: covers service providers against losses from malpractice, errors, and negligence.
- Commercial property: covers business property damaged by things like fire, smoke, wind, hail, and vandalism.
- Home-based business insurance: an add-on to homeowner’s coverage that offers protection for a small amount of business equipment plus liability coverage.
- Business owner’s policy: a bundle that combines the typical coverages into one package.
The SBA also notes that your business and state may legally require some coverage. Examples include workers’ compensation, unemployment insurance and disability insurance. Next, check your own requirements with a licensed insurance professional.
Hiscox Costs & Coverages
A general liability policy from Hiscox averages about $30 for most small businesses. You can also bundle property coverage into a BOP that starts at just $42 per month. Hiscox specializes in liability insurance. It can tailor products to cover exposures in nine industries and more than 70 specific professions. In addition, on top of the common policies, such as general liability, cybersecurity, and workers’ compensation, Hiscox can quote others.
Here are a few of Hiscox’s additional liability policies:
- Directors and officers insurance
- Management liability insurance
- Employment practices liability insurance
- Hired and non-owned auto liability insurance
What Hiscox Is Missing
Hiscox offers an online service portal, live chat and a simple application. It does an excellent job of using technology to create a positive client experience. However, the company doesn’t offer surety bonds. Bonds are not insurance policies, but contract work often requires them, especially in construction.
How to Apply for Business Insurance at Hiscox
You can apply with Hiscox online anytime and get same-day coverage. Overall, to start an application, choose your industry and state from the drop-down menus. Then click Get a Quote and answer a few questions about your business. Next, the process takes only minutes to complete.
Speak with a licensed insurance agent at 1-844-837-4792, Monday through Friday, 7am – 10pm ET
Thanks for Reading and Carpe Diem My Friends
Source: fitbusiness.com, Hiscox,
Sources and further reading
- Get business insurance (U.S. Small Business Administration): the main types of business insurance and which coverage may be required.
- Launch your business (U.S. Small Business Administration): Steps to start a business, including choosing a structure, registering, and getting licenses and insurance.
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Photo by Vlad Deep on Unsplash
Helpful outside resources: U.S. Census Bureau.
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